DotPe raises $58 mn, plans to foray into financial services

  • IANS
  • Stock Market News
DotPe raises $58 mn, plans to foray into financial services
Credit: © Reuters.

New Delhi, Sep 19 (IANS) Gurugram-based offline-to-online commerce platform DotPe on Monday said it has raised $58 million in its series B funding round led by Temasek.

The platform, which "plans to foray into financial services", currently serves over 7.5 million brands across the country.

The funding round saw participation from existing investors PayU, the payments and fintech business of Prosus, and InfoEdge Ventures while Mitsubishi & Naya Capital joined as new investors.

"As we keep democratising opportunities for business growth with our omni-channel solutions and making technology more affordable and accessible, we also plan to foray into financial services and further empower merchants with business loans & credit lines to turbocharge their growth," said Shailaz Nag, Co-Founder and CEO, DotPe.

Founded in 2020, DotPe's merchant-base has grown over 3 times since launch.

In March, DotPe secured $27.5 million (around Rs 200 crore) in Series A funding as Google (NASDAQ: GOOGL ) joined PayU and Info Edge (NS: INED ) Ventures as investors.

"We look forward to empowering more Indian businesses with the benefits of digitization and co-creating a brighter future for the country's merchant community," said Vijay Agicha, Global Head of Strategy and Growth at PayU.

Started by ex-PayU Founder Nag with Gyanesh Sharma and Anurag Gupta, DotPe has digitised enterprise as well as small and medium-sized business (SMB) merchants through a "full stack" solution.

The company said that on the enterprise side, it has integration with over 10,000 restaurants and food courts, including leading global and domestic food and beverage brands.


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